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pension Time bomb on The horizon
6TH JULY 2015 TEL: 01 451 3822 / 01 451 9000 email: info@newsgroup.ie web: www.newsgroup.ie
Speaking at the Pensions Europe annual conference, Fine Gael Dublin MEP Brian Hayes said that an alarming number of Irish people don't have workplace pensions and rely solely on state pensions for their retirement. Mr. Hayes recently landed the job of lead negotiator on an EU workplace pensions Directive.
"Over 70% of Irish people are not part of a workplace pension scheme and therefore depend on the state pension to provide for them into their
retirement. There is a pension time bomb on the horizon in Ireland. Today there are 5 workers for every pensioner but if the current demographic trends continue, there will be 2 workers for every pensioner by 2060.
"My job over the next 12 months is to lead a negotiation within the EU Parliament on a new EU Directive on workplace pensions. My intention with this Directive is to encourage and facilitate the take up and establishment of
workplace pensions for employees and employers. I hope we can get the legislation adopted by early 2016, but it also takes the agreement of the EU Council, the governments.
"There are almost 70,000 workplace pension schemes with 420,000 members in Ireland – they have in excess of €90 billion worth of assets under management. But the take up could be higher. In Germany almost 60% of citizens have a workplace pension while in Belgium,
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around 50% of citizens are part of workplace pension schemes. In recent years there has been a move from defined benefit to defined contribution pension schemes.
"In Ireland, we cannot ignore the pension challenge which lies ahead. People cannot continue to rely primarily on state pensions. Governments and the EU institutions need to do more to encourage citizens to supplement their state pension entitlements with either workplace or private pensions.
"All across the EU, pension provision is becoming increasingly important. In 2008 there were 4 people in work for every pensioner: in 2060 there will be 1 pensioner for every 2 people in work. Additionally, pensions in the EU represent a very large and rising share of public expenditure. Recently I called on the Government to put more money aside for the national pension reserve fund.
"This Directive is important for another
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